Which house shall I buy?

[lemonmeringueno3]

I'm single, in my 50s and finally moving from a rented property.

But I can't decide between two houses and don't want to get it wrong. Friends are an even split so no help at all!

House 1 - I can buy with cash and have £100k left over to get it how I want it. I'd have spare cash every month to spend or save.

House 2 - I won't need a mortgage but I don't have any spare cash to do it up either. Any spare cash will be spent on getting it up to scratch.

House 2 is much nicer and in a nicer area, but House 1 is fine too. House 1 means holidays and maybe even a slightly earlier retirement. But House 2 is so nice.

I'm going round in circles. Please help and I am likely to listen and base my decision entirely on what you say. I know that's ridiculous but it's better than tossing a coin!

I think you should wait until something smaller and cheaper (like house 1) comes up for sale in house 2 area

Yeah, neither. House one doesn’t sound great but you don’t need house two. You need something in between.

Why 3 or 4 bed?

Keep looking.

Its hard without seeing the houses but I would say house 1.

If its a nice house and you have the money to make it a home, have holidays, spare money and retire early then its a no brainier.

Living even in the fanciest mansion would suck if your always chasing the up keep leaving you poor with no money for fun and working into old age.

This!

House 2 and get a lodger?

house 1 sounds wrong for you

more houses are coming on now so why not wait. House 2 price might come down too

Why do you need to buy either of these? I would look for house 3 that is somewhere in the middle ground.

Do you plan to move again? If not, which works best for your old age (shops, GP, public transport, etc).

All things being equal, I'd be inclined to wait for a smaller house in the nicer area

I definitely wouldn't go for House 1 - the noise and location will probably become harder to put up with over time and you will be fantasising about moving again before too long IMO. Tens of thousands in the bank are not much consolation if you don't have a peaceful home.

Could you find a smaller house in the same location as House 2? Although some 4 beds aren't as big as they sound, and if you are thinking of using one room as a study, for example, it may be the most logical choice.

You say you don't want to flip a coin, but actually that's the best advice I could give... flip the coin and your gut reaction to the outcome will tell you what you really want to do.

Good luck

House 3

House 1 is ugly but cheap
House 2 is too expensive and too big

House 2.

It sounds like house 2 is your house.
You're singing when you talk about it, but when you describe house 1, it sounds like you don't like it

House 2 or wait for a smaller one in same location.

Totally depends where you get your joy in life.

Personally, I'd go for House 2 because being really happy in my home really matters to me. I love spending time pottering about at home, love a long, lazy weekend get up, enjoying my surroundings.

But if you are an up-and-out sort of person who loves to be out in the evenings, who sees themselves using that early retirement to travel and get out and about, then House 1 would probably be better. Or if you just really, really hate your job and what matters most is not having the pressure of earning and being able to tell work to stick it, then House 1.

There is always pressure when buying, most of it put on us by ourselves. I can understand 3/4 bedrooms if it gives you a detached house and I would not deviate from that but from your description of the houses, maybe neither are quite right, keep looking whilst monitoring house 2 to see if other interested parties or it drops its price possibly. Maybe if you think someone else is buying it and you realise you have to live there, you have your answer or you may be able to buy it at a lower price.

Your garden will never feel private with an alley along the back fence even if there is a 6ft fence there because you will still hear people going along it and they will hear you.

Thanks everyone. I decided to put an offer in on House 2 but if they don't accept it I'll keep looking. I don't like it enough to overpay. Thanks for helping me to see the situation more clearly.

Good luck @lemonmeringueno3 . I think you're taking the right approach and have picked the right house fwiw!

House 3.
House 1 makes financial sense. House 2 is a better area, but seems too big and expensive.
Wait for a 2/3 bed in better area.

Also - why are people.assumingbthoa is your 'last house'? You're in your 50s, not 90s?

Location location. But you are paying /spending all your money on 4 beds when you say you are single. That really doesn't make sense.

You don’t need 4 beds so I would discount it on that reason as would only be looking at 3 beds. But if you’re not sure about house 1, keep looking.

I’d be more tempted in house 1 to have left over money each month.

However I’d be more tempted to keep looking for something slightly smaller and cheaper in the better area. I’d want a nicer area and money to spend.

Go for the better location- the one thing you can’t change.